What Really Is Low Doc Truck Financing?
Realistically, Low doc truck finance is essentially a term for easy truck finance. Low doc and no doc financing is implying less paperwork than a standard loan financial product requires. While that might be the case in some situations, in others there could be plenty of documentation required.
Obtaining easy truck finance is not always about the financial documents needed to secure a loan or financial product. In situations where a existing product is being renewed or extended, typically no documentation is required. There are less documentation for professional organization members and others who can clearly demonstrate the business purpose of the equipment. However, even if a financial product is considered low doc or no doc, it is still best to have all the necessary paperwork handy, in case it is needed.
Better the Credit the Less Docs Needed
To take full advantage of low doc truck finance, it is best to have good to excellent credit. The better the credit, the less documentation needed and the better overall terms in the financial arrangement can be gained. That does not mean to imply that those with less than stellar credit cannot get a low doc financial product, however, that is up to the finance company and the individual circumstances surrounding the situation.
Creating a partnership between business and the finance company helps with securing a low doc or no doc financial product. Remember, the finance company is there to help build for success.